National Mission on Edible Oils Union Cabinet approves National Mission on Edible Oils to reduce palm oil imports
New Delhi/IBNS: The Union Cabinet has approved the Rs 11,040 crore National Mission on Edible Oils-Oil Palm to give impetus to palm oil production in India and cut down dependence on expensive imports from South East Asia.
"Centre will come up with a mechanism to fix and regulate palm oil prices, If the market is volatile, the difference will also be paid by the centre through direct benefit transfer," said Agriculture Minister Narendra Singh Tomar at the post-cabinet media briefing on August 18. The outlay will be for a five-year period.
In early August, Prime Minister Narendra Modi had announced the National Mission for Edible Oils-Oil Palm (NMEO-OP) aimed at multiplying domestic production of palm oil by three times to 11 lakh metric tonnes by 2025-26.
This will increase palm oil cultivation area to 10 lakh hectares by 2025-26 and 16.7 lakh hectares by 2029-30.
The scheme will lay emphasis on India’s north-eastern states and the Andaman and Nicobar Islands due to the ideal weather conditions in those regions.
Under the scheme, farmers taking up oil palm cultivation will be offered financial assistance and given remuneration under a price and viability formula.
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